Auckland house prices up $115K in one year

New figures shows the average Auckland house price increased by a whopping $19,302 in the past month alone and is on track to crack $1 million next year, Labour’s Housing spokesperson Phil Twyford says.

“According to Quotable Value, Auckland house prices have skyrocketed by 16.1% in the past year, up by a staggering $114,793.

“Auckland house prices are out of control and the Government’s grudging, half-baked and piecemeal policies are doing nothing to rein them in.

“The impact of the latest measures announced in last month’s Budget – to tax property investors who flick off their properties within two years and build houses on Crown land – won’t be felt before Auckland’s average house price clocks $1 million.

“Based on current trends, that will occur in August next year or in 449 days.

“Million dollar houses are expensive in anyone’s books. That’s out of reach for first home buyers.

“It is time the National Government adopted Labour’s comprehensive proposal to ban the sale of residential properties to foreign speculators and back a Government-initiated mass home building programme,” Phil Twyford says.